Amid speculation he will make a move to the Emirates, the Uruguayan's relationship with Liverpool has deteriorated rapidly over recent weeks, but American Henry is adamant Suarez will not be sold to Arsenal.
Henry went one step further and said he would not do business with any club for the forward this summer and Suarez will remain a Liverpool player for next season.
"We are not going to sell Luis. It's a football reason, it's not about finances," Henry said.
"It's because at this point it's impossible, so late in the window, with everyone who's already moved or isn't moving, to replace him. So for football reasons, we can't - and especially to Arsenal.
"For all the top clubs it's extremely important but especially Liverpool because we're not in Europe this year and have not been in the Champions League for a while.
"Obviously, to sell to a rival for one of those positions would be ludicrous."
Arsenal infuriated Henry with their cheeky £40m+£1 bid earlier this summer - the American memorably tweeted "what are they smoking?" - but he insisted his refusal to sell to the North London club was nothing personal.
"I'm unequivocal that we won't sell to Arsenal, whatever the bid is. He won't be sold even if a foreign club come in because we do not have time to sign a suitable replacement."
When asked if Suarez would still be wearing a Liverpool shirt once the transfer window shuts, Henry replied: "Yes. We need Luis, and hopefully this will pass.
"If you look at the full context of what's happened here, it's jarring to all our supporters.
"The club has stood by him so strongly at a time you could question whether the club should have stood by him, but they did."
Suarez has made clear his desire to leave Anfield this transfer window and has been agitating for a move to the Gunners all summer.
Liverpool have steadfastly refused to cash in on their most valuable asset and have rejected a £40 million plus a pound bid from Arsenal. That offer was thought to trigger a release clause in the Uruguayan's contract, but Liverpool have consistently denied that.
Their view was backed up by the PFA's Gordon Taylor earlier in the week, who said he could see nothing in Suarez's contract that entitled him to leave if a bid over £40m was received for him.
Suarez responded by telling two national newspapers that Liverpool had broken a promise to him that he could leave this summer for a Champions League club, prompting accusations from manager Brendan Rodgers that the striker was guilty of disrespecting the club.
Rodgers also indicated he would tell Suarez to train away from the rest of the squad until he made a public apology.
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